Hostile?

As the FTSE 100 index plunges again below 5000, what can any of us do to try to preserve our savings and retirement income. I know that the poor bankers will have to be helped just to make sure that they get their £1 million bonuses to keep the wolf from the door. But the rest of us with more modest living standards are struggling and could yet see the value of all our investments fall through the floor.

At the same time, I was more than a little worried by suggestions today that many British companies are looking like ripe targets for American take-overs. At the top of the list is BP, of course. Exxon-Mobil may want to buy this. A bid from Emersons is on the table to buy Chloride. Astra-Zenuca, Balfour-Beatty and BAE Systems are all, apparently prime American targets. There has been talk in recent months about doing something to clamp down on the sale of our family silver after Cadburys went down the drain. Lose control of these important companies and our manufacturing business moves yet further down the slippery slope. And we need manufacturing now more than ever if this country is going to survive as anything other than an olde worlde tourist destination. What is Business Secretary Vince Cable going to do about it? Top priority is bank regulation but protecting our businesses from hostile takeovers is next on the list. And all take-overs are ultimately hostile.

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